Option Millionaires

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Wayfair price target raised to $420 from $370 at Piper Sandler
Piper Sandler analyst Peter Keith raised the firm's price target on Wayfair to $420 from $370 and reiterates an Overweight rating on the shares following analysis of the company's gross margin drivers. After 550 basis point of gross margin expansion in 2020, Wayfair believes it has unlocked only 50% of its 1,000 basis point runway, Keith tells investors in a research note. The analyst's analysis suggests Wayfair could see 150 basis point of annualized margin benefit in 2021 and 2022 from leveraging shipping and fulfillment costs